Quarterly report pursuant to Section 13 or 15(d)

Loans (Tables)

v3.23.2
Loans (Tables)
6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Loans

Loans consisted of the following as of the dates indicated:

 

 

 

June 30, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Real estate loans:

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

Retail

 

$

1,090,739

 

 

$

1,023,608

 

Hospitality

 

 

686,168

 

 

 

646,893

 

Office

 

 

559,611

 

 

 

499,946

 

Other (1)

 

 

1,312,192

 

 

 

1,553,729

 

Total commercial property loans

 

 

3,648,710

 

 

 

3,724,176

 

Construction

 

 

89,613

 

 

 

109,205

 

Residential (2)

 

 

886,982

 

 

 

734,472

 

Total real estate loans

 

 

4,625,305

 

 

 

4,567,853

 

Commercial and industrial loans (3)

 

 

753,460

 

 

 

804,492

 

Equipment financing agreements

 

 

586,406

 

 

 

594,788

 

Loans receivable

 

 

5,965,171

 

 

 

5,967,133

 

Allowance for credit losses

 

 

(71,024

)

 

 

(71,523

)

Loans receivable, net

 

$

5,894,147

 

 

$

5,895,610

 

 

(1)
Includes mixed-use, multifamily, industrial, gas stations, faith-based facilities, medical and warehouse; all other property types represent less than one percent of total loans receivable.
(2)
Includes $2.2 million and $2.4 million of home equity loans and lines, and $4.6 million and $4.6 million of personal loans at June 30, 2023 and December 31, 2022, respectively.
(3)
At June 30, 2023 and December 31, 2022, Paycheck Protection Program loans were $0.2 million and $0.9 million, respectively.
Activity for Loans Held for Sale

The following is the activity for loans held for sale for the three months ended June 30, 2023 and 2022:

 

 

 

Real Estate

 

 

Commercial and Industrial

 

 

Total

 

 

 

(in thousands)

 

June 30, 2023

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

379

 

 

$

3,273

 

 

$

3,652

 

Originations and transfers

 

 

14,494

 

 

 

9,094

 

 

 

23,588

 

Sales

 

 

(9,329

)

 

 

(10,614

)

 

 

(19,943

)

Principal paydowns and amortization

 

 

 

 

 

(4

)

 

 

(4

)

Balance at end of period

 

$

5,544

 

 

$

1,749

 

 

$

7,293

 

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

11,825

 

 

$

3,792

 

 

$

15,617

 

Originations and transfers

 

 

29,531

 

 

 

15,320

 

 

 

44,851

 

Sales

 

 

(30,380

)

 

 

(11,557

)

 

 

(41,937

)

Principal paydowns and amortization

 

 

 

 

 

(3

)

 

 

(3

)

Balance at end of period

 

$

10,976

 

 

$

7,552

 

 

$

18,528

 

The following is the activity for loans held for sale for the six months ended June 30, 2023 and 2022:

 

 

 

Real Estate

 

 

Commercial and Industrial

 

 

Total

 

 

 

(in thousands)

 

June 30, 2023

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

3,775

 

 

$

4,268

 

 

$

8,043

 

Originations and transfers

 

 

30,881

 

 

 

18,023

 

 

 

48,904

 

Sales

 

 

(29,111

)

 

 

(20,532

)

 

 

(49,643

)

Principal payoffs and amortization

 

 

(1

)

 

 

(10

)

 

 

(11

)

Balance at end of period

 

$

5,544

 

 

$

1,749

 

 

$

7,293

 

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

6,954

 

 

$

6,388

 

 

$

13,342

 

Originations and transfers

 

 

49,695

 

 

 

27,009

 

 

 

76,704

 

Sales

 

 

(45,673

)

 

 

(25,841

)

 

 

(71,514

)

Principal payoffs and amortization

 

 

 

 

 

(4

)

 

 

(4

)

Balance at end of period

 

$

10,976

 

 

$

7,552

 

 

$

18,528

 

Allowance for Credit Losses by Portfolio Segment

The following table details the information on the allowance for credit losses by portfolio segment as of and for the three months ended June 30, 2023 and 2022:

 

 

 

Real Estate

 

 

Commercial and Industrial

 

 

Equipment Financing Agreements

 

 

Total

 

 

 

(in thousands)

 

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

43,531

 

 

$

15,333

 

 

$

13,385

 

 

$

72,249

 

Charge-offs

 

 

 

 

 

(103

)

 

 

(2,604

)

 

 

(2,707

)

Recoveries

 

 

62

 

 

 

555

 

 

 

350

 

 

 

967

 

Provision (recovery) for credit losses

 

 

(539

)

 

 

244

 

 

 

810

 

 

 

515

 

Ending balance

 

$

43,054

 

 

$

16,029

 

 

$

11,941

 

 

$

71,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

46,355

 

 

$

12,944

 

 

$

12,213

 

 

$

71,512

 

Charge-offs

 

 

 

 

 

(21

)

 

 

(585

)

 

 

(606

)

Recoveries

 

 

64

 

 

 

133

 

 

 

325

 

 

 

522

 

Provision (recovery) for credit losses

 

 

(307

)

 

 

1,219

 

 

 

727

 

 

 

1,639

 

Ending balance

 

$

46,112

 

 

$

14,275

 

 

$

12,680

 

 

$

73,067

 

 

The following table details the information on the allowance for credit losses by portfolio segment as of and for the six months ended June 30, 2023 and 2022:

 

 

 

Real Estate

 

 

Commercial and Industrial

 

 

Equipment Financing Agreements

 

 

Total

 

 

 

(in thousands)

 

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

44,026

 

 

$

15,267

 

 

$

12,230

 

 

 

71,523

 

Charge-offs

 

 

(412

)

 

 

(312

)

 

 

(4,220

)

 

 

(4,944

)

Recoveries

 

 

130

 

 

 

791

 

 

 

829

 

 

 

1,750

 

Provision (recovery) for credit losses

 

 

(690

)

 

 

283

 

 

 

3,102

 

 

 

2,695

 

Ending balance

 

$

43,054

 

 

$

16,029

 

 

$

11,941

 

 

$

71,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

48,890

 

 

$

12,418

 

 

$

11,249

 

 

$

72,557

 

Charge-offs

 

 

(530

)

 

 

(79

)

 

 

(832

)

 

 

(1,441

)

Recoveries

 

 

259

 

 

 

451

 

 

 

747

 

 

 

1,457

 

Provision (recovery) for credit losses

 

 

(2,507

)

 

 

1,485

 

 

 

1,516

 

 

 

494

 

Ending balance

 

$

46,112

 

 

$

14,275

 

 

$

12,680

 

 

$

73,067

 

 

The table below illustrates the allowance for credit losses by loan portfolio segment and each loan portfolio segment as a percentage of total loans.

 

 

 

June 30, 2023

 

 

December 31, 2022

 

 

 

Allowance Amount

 

 

Percentage of Total Allowance

 

 

Total Loans

 

 

Percentage of Total Loans

 

 

Allowance Amount

 

 

Percentage of Total Allowance

 

 

Total Loans

 

 

Percentage of Total Loans

 

 

 

(dollars in thousands)

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

$

10,021

 

 

 

14.1

%

 

$

1,090,739

 

 

 

18.3

%

 

$

7,872

 

 

 

11.0

%

 

$

1,023,608

 

 

 

17.2

%

Hospitality

 

 

14,381

 

 

 

20.2

 

 

 

686,168

 

 

 

11.5

 

 

 

13,407

 

 

 

18.7

 

 

 

646,893

 

 

 

10.8

 

Office

 

 

2,668

 

 

 

3.8

 

 

 

559,611

 

 

 

9.4

 

 

 

2,293

 

 

 

3.2

 

 

 

499,946

 

 

 

8.4

 

Other

 

 

8,277

 

 

 

11.7

 

 

 

1,312,192

 

 

 

22.0

 

 

 

13,056

 

 

 

18.3

 

 

 

1,553,729

 

 

 

26.0

 

Total commercial property loans

 

 

35,347

 

 

 

49.8

 

 

 

3,648,710

 

 

 

61.2

 

 

 

36,628

 

 

 

51.2

 

 

 

3,724,176

 

 

 

62.4

 

Construction

 

 

3,017

 

 

 

4.2

 

 

 

89,613

 

 

 

1.5

 

 

 

4,022

 

 

 

5.7

 

 

 

109,205

 

 

 

1.8

 

Residential

 

 

4,690

 

 

 

6.6

 

 

 

886,982

 

 

 

14.9

 

 

 

3,376

 

 

 

4.7

 

 

 

734,472

 

 

 

12.4

 

Total real estate loans

 

 

43,054

 

 

 

60.6

 

 

 

4,625,305

 

 

 

77.6

 

 

 

44,026

 

 

 

61.6

 

 

 

4,567,853

 

 

 

76.6

 

Commercial and industrial loans

 

 

16,029

 

 

 

22.6

 

 

 

753,460

 

 

 

12.6

 

 

 

15,267

 

 

 

21.3

 

 

 

804,492

 

 

 

13.4

 

Equipment financing agreements

 

 

11,941

 

 

 

16.8

 

 

 

586,406

 

 

 

9.8

 

 

 

12,230

 

 

 

17.1

 

 

 

594,788

 

 

 

10.0

 

Total

 

$

71,024

 

 

 

100.0

%

 

$

5,965,171

 

 

 

100.0

%

 

$

71,523

 

 

 

100.0

%

 

$

5,967,133

 

 

 

100.0

%

Summary of Amortized Cost Basis of Collateral Dependent Loans By Class of Loans The following table represents the amortized cost basis of collateral-dependent loans by class of loans as of June 30, 2023 and December 31, 2022, for which repayment is expected to be obtained through the sale of the underlying collateral.

 

 

 

June 30, 2023

 

 

December 31, 2022

 

 

 

Amortized Cost

 

 

Amortized Cost

 

 

 

(in thousands)

 

Real estate loans:

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

Retail

 

$

1,785

 

 

$

1,930

 

Hospitality

 

 

 

 

 

 

Office

 

 

 

 

 

 

Other (1)

 

 

1,749

 

 

 

256

 

Total commercial property loans

 

 

3,534

 

 

 

2,186

 

Residential

 

 

 

 

 

508

 

Total real estate loans

 

 

3,534

 

 

 

2,694

 

Commercial and industrial loans

 

 

10,002

 

 

 

 

Total

 

$

13,536

 

 

$

2,694

 

(1)
Includes mixed-use, multifamily, industrial, gas stations, faith-based facilities, medical and warehouse; all other property types represent less than one percent of total loans receivable.
Credit Quality of Loan Portfolio

 

 

Term Loans

 

 

 

 

 

 

 

 

 

Amortized Cost Basis by Origination Year (1)

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Revolving
Loans
Amortized
Cost Basis

 

 

Total

 

 

 

(in thousands)

 

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

`

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

$

289,308

 

 

$

1,040,840

 

 

$

874,899

 

 

$

583,087

 

 

$

389,705

 

 

$

392,812

 

 

$

35,832

 

 

$

3,606,483

 

Special Mention

 

 

5,021

 

 

 

 

 

 

6,879

 

 

 

4,358

 

 

 

1,441

 

 

 

3,658

 

 

 

1,700

 

 

 

23,057

 

Classified

 

 

1,258

 

 

 

 

 

 

4,815

 

 

 

 

 

 

4,910

 

 

 

8,187

 

 

 

 

 

 

19,170

 

Total commercial property

 

 

295,587

 

 

 

1,040,840

 

 

 

886,593

 

 

 

587,445

 

 

 

396,056

 

 

 

404,657

 

 

 

37,532

 

 

 

3,648,710

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

412

 

 

 

 

 

 

 

 

 

 

 

 

412

 

YTD net charge-offs

 

 

 

 

 

 

 

 

 

 

 

409

 

 

 

 

 

 

(122

)

 

 

 

 

 

287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

35,266

 

 

 

5,553

 

 

 

48,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89,613

 

Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total construction

 

 

35,266

 

 

 

5,553

 

 

 

48,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89,613

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

190,664

 

 

 

386,637

 

 

 

163,916

 

 

 

12,893

 

 

 

224

 

 

 

126,749

 

 

 

5,395

 

 

 

886,478

 

Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

500

 

 

 

500

 

Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

4

 

Total residential

 

 

190,664

 

 

 

386,637

 

 

 

163,916

 

 

 

12,893

 

 

 

224

 

 

 

126,753

 

 

 

5,895

 

 

 

886,982

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

 

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

515,238

 

 

 

1,433,030

 

 

 

1,087,609

 

 

 

595,980

 

 

 

389,929

 

 

 

519,561

 

 

 

41,227

 

 

 

4,582,574

 

Special Mention

 

 

5,021

 

 

 

 

 

 

6,879

 

 

 

4,358

 

 

 

1,441

 

 

 

3,658

 

 

 

2,200

 

 

 

23,557

 

Classified

 

 

1,258

 

 

 

 

 

 

4,815

 

 

 

 

 

 

4,910

 

 

 

8,191

 

 

 

 

 

 

19,174

 

Total real estate loans

 

 

521,517

 

 

 

1,433,030

 

 

 

1,099,303

 

 

 

600,338

 

 

 

396,280

 

 

 

531,410

 

 

 

43,427

 

 

 

4,625,305

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

412

 

 

 

 

 

 

 

 

 

 

 

 

412

 

YTD net charge-offs

 

 

 

 

 

 

 

 

 

 

 

409

 

 

 

 

 

 

(127

)

 

 

 

 

 

282

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

124,225

 

 

 

183,892

 

 

 

90,137

 

 

 

35,174

 

 

 

13,773

 

 

 

11,255

 

 

 

261,197

 

 

 

719,653

 

Special Mention

 

 

 

 

 

17,100

 

 

 

 

 

 

105

 

 

 

 

 

 

3,871

 

 

 

 

 

 

21,076

 

Classified

 

 

 

 

 

887

 

 

 

 

 

 

84

 

 

 

46

 

 

 

232

 

 

 

11,482

 

 

 

12,731

 

Total commercial and industrial loans

 

 

124,225

 

 

 

201,879

 

 

 

90,137

 

 

 

35,363

 

 

 

13,819

 

 

 

15,358

 

 

 

272,679

 

 

 

753,460

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75

 

 

 

237

 

 

 

 

 

 

312

 

YTD net charge-offs

 

 

 

 

 

(13

)

 

 

(3

)

 

 

 

 

 

74

 

 

 

(536

)

 

 

(1

)

 

 

(479

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment financing agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

112,990

 

 

 

259,432

 

 

 

130,303

 

 

 

34,592

 

 

 

33,393

 

 

 

8,761

 

 

 

 

 

 

579,471

 

Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified

 

 

84

 

 

 

2,974

 

 

 

2,633

 

 

 

173

 

 

 

782

 

 

 

289

 

 

 

 

 

 

6,935

 

Total equipment financing agreements

 

 

113,074

 

 

 

262,406

 

 

 

132,936

 

 

 

34,765

 

 

 

34,175

 

 

 

9,050

 

 

 

 

 

 

586,406

 

YTD gross charge-offs

 

 

 

 

 

1,249

 

 

 

1,840

 

 

 

287

 

 

 

635

 

 

 

209

 

 

 

 

 

 

4,220

 

YTD net charge-offs

 

 

 

 

 

1,223

 

 

 

1,614

 

 

 

260

 

 

 

300

 

 

 

(6

)

 

 

 

 

 

3,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

752,453

 

 

 

1,876,354

 

 

 

1,308,049

 

 

 

665,746

 

 

 

437,095

 

 

 

539,577

 

 

 

302,424

 

 

 

5,881,698

 

Special Mention

 

 

5,021

 

 

 

17,100

 

 

 

6,879

 

 

 

4,463

 

 

 

1,441

 

 

 

7,529

 

 

 

2,200

 

 

 

44,633

 

Classified

 

 

1,342

 

 

 

3,861

 

 

 

7,448

 

 

 

257

 

 

 

5,738

 

 

 

8,712

 

 

 

11,482

 

 

 

38,840

 

Total loans receivable

 

$

758,816

 

 

$

1,897,315

 

 

$

1,322,376

 

 

$

670,466

 

 

$

444,274

 

 

$

555,818

 

 

$

316,106

 

 

$

5,965,171

 

YTD gross charge-offs

 

 

 

 

 

1,249

 

 

 

1,840

 

 

 

699

 

 

 

710

 

 

 

446

 

 

 

 

 

 

4,944

 

YTD net charge-offs

 

 

 

 

 

1,210

 

 

 

1,611

 

 

 

669

 

 

 

374

 

 

 

(669

)

 

 

(1

)

 

 

3,194

 

 

(1)
Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.

 

 

 

Term Loans

 

 

 

 

 

 

 

 

 

Amortized Cost Basis by Origination Year (1)

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

 

Prior

 

 

Revolving
Loans
Amortized
Cost Basis

 

 

Total

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

$

1,184,361

 

 

$

901,029

 

 

$

600,740

 

 

$

404,786

 

 

$

301,950

 

 

$

207,861

 

 

$

50,877

 

 

$

3,651,604

 

Special Mention

 

 

847

 

 

 

13,384

 

 

 

5,857

 

 

 

7,115

 

 

 

 

 

 

6,080

 

 

 

1,701

 

 

 

34,984

 

Classified

 

 

 

 

 

 

 

 

412

 

 

 

4,312

 

 

 

12,304

 

 

 

20,560

 

 

 

 

 

 

37,588

 

Total commercial property

 

 

1,185,208

 

 

 

914,413

 

 

 

607,009

 

 

 

416,213

 

 

 

314,254

 

 

 

234,501

 

 

 

52,578

 

 

 

3,724,176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

41,662

 

 

 

67,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109,205

 

Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total construction

 

 

41,662

 

 

 

67,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

405,975

 

 

 

173,236

 

 

 

13,102

 

 

 

232

 

 

 

731

 

 

 

134,766

 

 

 

5,422

 

 

 

733,464

 

Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

500

 

 

 

500

 

Classified

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

496

 

 

 

 

 

 

508

 

Total residential

 

 

405,987

 

 

 

173,236

 

 

 

13,102

 

 

 

232

 

 

 

731

 

 

 

135,262

 

 

 

5,922

 

 

 

734,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

1,631,998

 

 

 

1,141,808

 

 

 

613,842

 

 

 

405,018

 

 

 

302,681

 

 

 

342,627

 

 

 

56,299

 

 

 

4,494,273

 

Special Mention

 

 

847

 

 

 

13,384

 

 

 

5,857

 

 

 

7,115

 

 

 

 

 

 

6,080

 

 

 

2,201

 

 

 

35,484

 

Classified

 

 

12

 

 

 

 

 

 

412

 

 

 

4,312

 

 

 

12,304

 

 

 

21,056

 

 

 

 

 

 

38,096

 

Total real estate loans

 

 

1,632,857

 

 

 

1,155,192

 

 

 

620,111

 

 

 

416,445

 

 

 

314,985

 

 

 

369,763

 

 

 

58,500

 

 

 

4,567,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

368,778

 

 

 

100,537

 

 

 

39,577

 

 

 

24,117

 

 

 

7,342

 

 

 

12,282

 

 

 

205,951

 

 

 

758,584

 

Special Mention

 

 

 

 

 

9,285

 

 

 

 

 

 

 

 

 

29

 

 

 

102

 

 

 

34,113

 

 

 

43,529

 

Classified

 

 

 

 

 

 

 

 

171

 

 

 

1,097

 

 

 

81

 

 

 

391

 

 

 

639

 

 

 

2,379

 

Total commercial and industrial loans

 

 

368,778

 

 

 

109,822

 

 

 

39,748

 

 

 

25,214

 

 

 

7,452

 

 

 

12,775

 

 

 

240,703

 

 

 

804,492

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment financing agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

305,249

 

 

 

165,313

 

 

 

46,970

 

 

 

52,133

 

 

 

17,608

 

 

 

1,798

 

 

 

 

 

 

589,071

 

Special Mention

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified

 

 

630

 

 

 

2,542

 

 

 

311

 

 

 

1,581

 

 

 

565

 

 

 

88

 

 

 

 

 

 

5,717

 

Total equipment financing agreements

 

 

305,879

 

 

 

167,855

 

 

 

47,281

 

 

 

53,714

 

 

 

18,173

 

 

 

1,886

 

 

 

 

 

 

594,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass / Pass-Watch

 

 

2,306,025

 

 

 

1,407,658

 

 

 

700,389

 

 

 

481,268

 

 

 

327,631

 

 

 

356,707

 

 

 

262,250

 

 

 

5,841,928

 

Special Mention

 

 

847

 

 

 

22,669

 

 

 

5,857

 

 

 

7,115

 

 

 

29

 

 

 

6,182

 

 

 

36,314

 

 

 

79,013

 

Classified

 

 

642

 

 

 

2,542

 

 

 

894

 

 

 

6,990

 

 

 

12,950

 

 

 

21,535

 

 

 

639

 

 

 

46,192

 

Total loans receivable

 

$

2,307,514

 

 

$

1,432,869

 

 

$

707,140

 

 

$

495,373

 

 

$

340,610

 

 

$

384,424

 

 

$

299,203

 

 

$

5,967,133

 

 

(1)
Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.

Loans by Vintage Year and Payment Performance

 

 

 

Term Loans

 

 

 

 

 

 

 

 

 

Amortized Cost Basis by Origination Year (1)

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Revolving
Loans
Amortized
Cost Basis

 

 

Total

 

 

 

(in thousands)

 

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

295,587

 

 

$

1,040,840

 

 

$

886,593

 

 

$

587,445

 

 

$

395,970

 

 

$

400,623

 

 

$

37,532

 

 

$

3,644,590

 

Nonperforming

 

 

 

 

 

 

 

 

 

 

 

 

 

 

86

 

 

 

4,034

 

 

 

 

 

 

4,120

 

Total commercial property

 

 

295,587

 

 

 

1,040,840

 

 

 

886,593

 

 

 

587,445

 

 

 

396,056

 

 

 

404,657

 

 

 

37,532

 

 

 

3,648,710

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

412

 

 

 

 

 

 

 

 

 

 

 

 

412

 

YTD net charge-offs

 

 

 

 

 

 

 

 

 

 

 

409

 

 

 

 

 

 

(122

)

 

 

 

 

 

287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

35,266

 

 

 

5,553

 

 

 

48,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89,613

 

Nonperforming

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total construction

 

 

35,266

 

 

 

5,553

 

 

 

48,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89,613

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

190,664

 

 

 

386,637

 

 

 

163,916

 

 

 

12,893

 

 

 

224

 

 

 

126,749

 

 

 

5,895

 

 

 

886,978

 

Nonperforming

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

4

 

Total residential

 

 

190,664

 

 

 

386,637

 

 

 

163,916

 

 

 

12,893

 

 

 

224

 

 

 

126,753

 

 

 

5,895

 

 

 

886,982

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD net charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

 

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

521,517

 

 

 

1,433,030

 

 

 

1,099,303

 

 

 

600,338

 

 

 

396,194

 

 

 

527,372

 

 

 

43,427

 

 

 

4,621,181

 

Nonperforming

 

 

 

 

 

 

 

 

 

 

 

 

 

 

86

 

 

 

4,038

 

 

 

 

 

 

4,124

 

Total real estate loans

 

 

521,517

 

 

 

1,433,030

 

 

 

1,099,303

 

 

 

600,338

 

 

 

396,280

 

 

 

531,410

 

 

 

43,427

 

 

 

4,625,305

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

412

 

 

 

 

 

 

 

 

 

 

 

 

412

 

YTD net charge-offs

 

 

 

 

 

 

 

 

 

 

 

409

 

 

 

 

 

 

(127

)

 

 

 

 

 

282

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

124,225

 

 

 

201,862

 

 

 

90,137

 

 

 

35,363

 

 

 

13,819

 

 

 

15,245

 

 

 

261,689

 

 

 

742,340

 

Nonperforming

 

 

 

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

113

 

 

 

10,990

 

 

 

11,120

 

Total commercial and industrial loans

 

 

124,225

 

 

 

201,879

 

 

 

90,137

 

 

 

35,363

 

 

 

13,819

 

 

 

15,358

 

 

 

272,679

 

 

 

753,460

 

YTD gross charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75

 

 

 

237

 

 

 

 

 

 

312

 

YTD net charge-offs

 

 

 

 

 

(13

)

 

 

(3

)

 

 

 

 

 

74

 

 

 

(536

)

 

 

(1

)

 

 

(479

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment financing agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

112,990

 

 

 

259,432

 

 

 

130,303

 

 

 

34,592

 

 

 

33,393

 

 

 

8,761

 

 

 

 

 

 

579,471

 

Nonperforming

 

 

84

 

 

 

2,974

 

 

 

2,633

 

 

 

173

 

 

 

782

 

 

 

289

 

 

 

 

 

 

6,935

 

Total equipment financing agreements

 

 

113,074

 

 

 

262,406

 

 

 

132,936

 

 

 

34,765

 

 

 

34,175

 

 

 

9,050

 

 

 

 

 

 

586,406

 

YTD gross charge-offs

 

 

 

 

 

1,249

 

 

 

1,840

 

 

 

287

 

 

 

635

 

 

 

209

 

 

 

 

 

 

4,220

 

YTD net charge-offs

 

 

 

 

 

1,223

 

 

 

1,614

 

 

 

260

 

 

 

300

 

 

 

(6

)

 

 

 

 

 

3,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

758,732

 

 

 

1,894,324

 

 

 

1,319,743

 

 

 

670,293

 

 

 

443,406

 

 

 

551,378

 

 

 

305,116

 

 

 

5,942,992

 

Nonperforming

 

 

84

 

 

 

2,991

 

 

 

2,633

 

 

 

173

 

 

 

868

 

 

 

4,440

 

 

 

10,990

 

 

 

22,179

 

Total loans receivable

 

$

758,816

 

 

$

1,897,315

 

 

$

1,322,376

 

 

$

670,466

 

 

$

444,274

 

 

$

555,818

 

 

$

316,106

 

 

$

5,965,171

 

YTD gross charge-offs

 

 

 

 

 

1,249

 

 

 

1,840

 

 

 

699

 

 

 

710

 

 

 

446

 

 

 

 

 

 

4,944

 

YTD net charge-offs

 

 

 

 

 

1,210

 

 

 

1,611

 

 

 

669

 

 

 

374

 

 

 

(669

)

 

 

(1

)

 

 

3,194

 

 

(1)
Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.

 

 

 

Term Loans

 

 

 

 

 

 

 

 

 

Amortized Cost Basis by Origination Year (1)

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

 

Prior

 

 

Revolving
Loans
Amortized
Cost Basis

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

1,185,208

 

 

$

914,413

 

 

$

606,597

 

 

$

416,213

 

 

$

312,324

 

 

$

233,643

 

 

$

52,578

 

 

$

3,720,976

 

Nonperforming

 

 

 

 

 

 

 

 

412

 

 

 

 

 

 

1,930

 

 

 

858

 

 

 

 

 

 

3,200

 

Total commercial property

 

 

1,185,208

 

 

 

914,413

 

 

 

607,009

 

 

 

416,213

 

 

 

314,254

 

 

 

234,501

 

 

 

52,578

 

 

 

3,724,176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

41,662

 

 

 

67,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109,205

 

Nonperforming

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total construction

 

 

41,662

 

 

 

67,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

405,975

 

 

 

173,236

 

 

 

13,102

 

 

 

232

 

 

 

731

 

 

 

134,766

 

 

 

5,922

 

 

 

733,964

 

Nonperforming

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

496

 

 

 

 

 

 

508

 

Total residential

 

 

405,987

 

 

 

173,236

 

 

 

13,102

 

 

 

232

 

 

 

731

 

 

 

135,262

 

 

 

5,922

 

 

 

734,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

1,632,845

 

 

 

1,155,192

 

 

 

619,699

 

 

 

416,445

 

 

 

313,055

 

 

 

368,409

 

 

 

58,500

 

 

 

4,564,145

 

Nonperforming

 

 

12

 

 

 

 

 

 

412

 

 

 

 

 

 

1,930

 

 

 

1,354

 

 

 

 

 

 

3,708

 

Total real estate loans

 

 

1,632,857

 

 

 

1,155,192

 

 

 

620,111

 

 

 

416,445

 

 

 

314,985

 

 

 

369,763

 

 

 

58,500

 

 

 

4,567,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

368,778

 

 

 

109,822

 

 

 

39,577

 

 

 

25,199

 

 

 

7,452

 

 

 

12,539

 

 

 

240,703

 

 

 

804,070

 

Nonperforming

 

 

 

 

 

 

 

 

171

 

 

 

15

 

 

 

 

 

 

236

 

 

 

 

 

 

422

 

Total commercial and industrial loans

 

 

368,778

 

 

 

109,822

 

 

 

39,748

 

 

 

25,214

 

 

 

7,452

 

 

 

12,775

 

 

 

240,703

 

 

 

804,492

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment financing agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

305,249

 

 

 

165,313

 

 

 

46,970

 

 

 

52,133

 

 

 

17,608

 

 

 

1,798

 

 

 

 

 

 

589,071

 

Nonperforming

 

 

630

 

 

 

2,542

 

 

 

311

 

 

 

1,581

 

 

 

565

 

 

 

88

 

 

 

 

 

 

5,717

 

Total equipment financing agreements

 

 

305,879

 

 

 

167,855

 

 

 

47,281

 

 

 

53,714

 

 

 

18,173

 

 

 

1,886

 

 

 

 

 

 

594,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

2,306,872

 

 

 

1,430,327

 

 

 

706,246

 

 

 

493,777

 

 

 

338,115

 

 

 

382,746

 

 

 

299,203

 

 

 

5,957,286

 

Nonperforming

 

 

642

 

 

 

2,542

 

 

 

894

 

 

 

1,596

 

 

 

2,495

 

 

 

1,678

 

 

 

 

 

 

9,847

 

Total loans receivable

 

$

2,307,514

 

 

$

1,432,869

 

 

$

707,140

 

 

$

495,373

 

 

$

340,610

 

 

$

384,424

 

 

$

299,203

 

 

$

5,967,133

 

 

(1)
Includes extensions, renewals, or modifications of credit contracts, which consist of a new credit decision.
Analysis of Past Due Loans, Including Loans on Nonaccrual Status, Disaggregated by Loan Class

The following is an aging analysis of loans, including loans on nonaccrual status, disaggregated by loan class, as of the dates indicated:

 

 

 

30-59
Days
Past Due

 

 

60-89
Days
Past Due

 

 

90 Days
or More
Past Due

 

 

Total
Past Due

 

 

Current

 

 

Total

 

 

 

(in thousands)

 

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

$

 

 

$

 

 

$

 

 

$

 

 

$

1,090,739

 

 

$

1,090,739

 

Hospitality

 

 

 

 

 

49

 

 

 

 

 

 

49

 

 

 

686,119

 

 

 

686,168

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

559,611

 

 

 

559,611

 

Other

 

 

24

 

 

 

573

 

 

 

1,499

 

 

 

2,096

 

 

 

1,310,096

 

 

 

1,312,192

 

Total commercial property loans

 

 

24

 

 

 

622

 

 

 

1,499

 

 

 

2,145

 

 

 

3,646,565

 

 

 

3,648,710

 

Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89,613

 

 

 

89,613

 

Residential

 

 

1,036

 

 

 

 

 

 

 

 

 

1,036

 

 

 

885,946

 

 

 

886,982

 

Total real estate loans

 

 

1,060

 

 

 

622

 

 

 

1,499

 

 

 

3,181

 

 

 

4,622,124

 

 

 

4,625,305

 

Commercial and industrial loans

 

 

5,113

 

 

 

10,066

 

 

 

 

 

 

15,179

 

 

 

738,281

 

 

 

753,460

 

Equipment financing agreements

 

 

5,631

 

 

 

2,284

 

 

 

3,434

 

 

 

11,349

 

 

 

575,057

 

 

 

586,406

 

Total loans receivable

 

$

11,804

 

 

$

12,972

 

 

$

4,933

 

 

$

29,709

 

 

$

5,935,462

 

 

$

5,965,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

$

 

 

$

 

 

$

 

 

$

 

 

$

1,023,608

 

 

$

1,023,608

 

Hospitality

 

 

 

 

 

 

 

 

 

 

 

 

 

 

646,893

 

 

 

646,893

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

499,946

 

 

 

499,946

 

Other

 

 

 

 

 

494

 

 

 

 

 

 

494

 

 

 

1,553,235

 

 

 

1,553,729

 

Total commercial property loans

 

 

 

 

 

494

 

 

 

 

 

 

494

 

 

 

3,723,682

 

 

 

3,724,176

 

Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109,205

 

 

 

109,205

 

Residential

 

 

313

 

 

 

804

 

 

 

7

 

 

 

1,124

 

 

 

733,348

 

 

 

734,472

 

Total real estate loans

 

 

313

 

 

 

1,298

 

 

 

7

 

 

 

1,618

 

 

 

4,566,235

 

 

 

4,567,853

 

Commercial and industrial loans

 

 

77

 

 

 

79

 

 

 

 

 

 

156

 

 

 

804,336

 

 

 

804,492

 

Equipment financing agreements

 

 

5,825

 

 

 

1,271

 

 

 

2,949

 

 

 

10,045

 

 

 

584,743

 

 

 

594,788

 

Total loans receivable

 

$

6,215

 

 

$

2,648

 

 

$

2,956

 

 

$

11,819

 

 

$

5,955,314

 

 

$

5,967,133

 

 

At June 30, 2023 and December 31, 2022, there were no loans 90 days or more past due and still accruing interest.

Schedule of Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due 90 Days and Still Accruing

The following table represents the amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of June 30, 2023 and December 31, 2022.

 

 

 

June 30, 2023

 

 

 

Nonaccrual Loans
With
No Allowance for
Credit Losses

 

 

Nonaccrual Loans
With
Allowance for
Credit Losses

 

 

Loans
Past Due
90 Days Still
Accruing

 

 

Total
Nonperforming
Loans

 

 

 

(in thousands)

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

$

2,021

 

 

$

169

 

 

$

 

 

$

2,190

 

Hospitality

 

 

 

 

 

49

 

 

 

 

 

 

49

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

1,749

 

 

 

132

 

 

 

 

 

 

1,881

 

Total commercial property loans

 

 

3,770

 

 

 

350

 

 

 

 

 

 

4,120

 

Residential

 

 

 

 

 

4

 

 

 

 

 

 

4

 

Total real estate loans

 

 

3,770

 

 

 

354

 

 

 

 

 

 

4,124

 

Commercial and industrial loans

 

 

 

 

 

11,120

 

 

 

 

 

 

11,120

 

Equipment financing agreements

 

 

446

 

 

 

6,489

 

 

 

 

 

 

6,935

 

Total

 

$

4,216

 

 

$

17,963

 

 

$

 

 

$

22,179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

Nonaccrual Loans
With
No Allowance for
Credit Losses

 

 

Nonaccrual Loans
With
Allowance for
Credit Losses

 

 

Loans
Past Due
90 Days Still
Accruing

 

 

Total
Nonperforming
Loans

 

 

 

(in thousands)

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial property

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

$

1,929

 

 

$

 

 

$

 

 

$

1,929

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

540

 

 

 

731

 

 

 

 

 

 

1,271

 

Total commercial property loans

 

 

2,469

 

 

 

731

 

 

 

 

 

 

3,200

 

Residential

 

 

508

 

 

 

 

 

 

 

 

 

508

 

Total real estate loans

 

 

2,977

 

 

 

731

 

 

 

 

 

 

3,708

 

Commercial and industrial loans

 

 

 

 

 

422

 

 

 

 

 

 

422

 

Equipment financing agreements

 

 

215

 

 

 

5,501

 

 

 

 

 

 

5,716

 

Total

 

$

3,192

 

 

$

6,654

 

 

$

 

 

$

9,846

 

Non-Performing Assets

The following table details nonperforming assets as of the dates indicated:

 

 

 

June 30, 2023

 

 

December 31, 2022

 

 

 

(in thousands)

 

Nonaccrual loans

 

$

22,179

 

 

$

9,846

 

Loans receivable 90 days or more past due and still accruing

 

 

 

 

 

 

Total nonperforming loans receivable

 

 

22,179

 

 

 

9,846

 

Other real estate owned ("OREO")

 

 

117

 

 

 

117

 

Total nonperforming assets

 

$

22,296

 

 

$

9,963